Norton Rose US capital markets star Richard Baumann is quitting the firm to lead US firm Dorsey & Whitney’s capital markets practice in London.
Dorsey, which is based in Minneapolis, is aiming to ramp up its international capital markets practice following the recruitment of Tom Joyce from Freshfields Bruckhaus Deringer last year.
The US firm has a fantastic reputation for capital markets in the Midwest. Joyce’s role is to build on that internationally.
Baumann, who will be based in London, leaves Norton Rose after failing to settle in Hong Kong. Norton Rose split the successful US capital markets team of Baumann and US corporate finance head Thomas Vita when it sent Baumann to Asia this summer. Vita remains as the firm’s sole US capital markets partner.
Baumann and Vita joined Norton Rose from Davis Polk & Wardwell and immediately made a name for themselves advising on a string of Rule 144a equity offerings.
Norton Rose managing partner Peter Martyr said: “The firm decided it would be appropriate for him to go to Hong Kong to help build up the US securities practice there. Unfortunately it has not been possible for personal reasons to proceed with this plan and Richard Baumann has decided to take up a new challenge outside the firm.”